T1 Income Tax Returns

T1 Income Tax Returns

  • Employment income:

    Employment income consists of amounts received as salaries, wages, commission, bonuses, tips, gratuities, occasional earnings, and honoraria.Employment income is usually shown in Box 14 of a T4 slip.

  • Old age security pension:

    The Old Age Security pension (or OAS or OAS-GIS) is a taxable monthly social security payment available to most Canadians 65 years of age or older.

  • CPP or QPP benefits:

    The Canada Pension Plan (CPP) (French: Régime de pensions du Canada) is a contributory, earnings-related social insurance program. It forms one of the two major components of Canada’s public retirement income system, the other component being Old Age Security (OAS).

  • Disability benefits:

    Overview. Canada Pension Plan ( CPP ) provides disability benefits to people who have made enough contributions to the CPP and who are disabled and cannot work at any job on a regular basis.

  • Professional income:

    Professional income is goods or money received, for services provided, by a member of an officially recognized profession with a governing body. Recognized professions include any of the following: Lawyer. Engineer. Accountant

  • Commission income:

    Commission income refers to fees earned by brokers and agents in making a sale or closing a deal. It is the primary revenue account of real estate brokers, stock brokers, insurance agencies, etc. Contents: Definition of commission income.

  • Farming income:

    Farm income refers to profits and losses incurred through the operation of a farm. A farm income statement (sometimes called a farm profit and loss statement) is a summary of income and expenses that occurred during a specified accounting period.

  • Universal child care benefits:

    The Universal Child Care Benefit (UCCB) was designed to offer families more freedom in their child care choices. Whether you enroll your child in a daycareprogram or not, the UCCB provides monthly payments.

  • Investment income:

    Investment income comes from interest payments, dividends, capital gains collected upon the sale of a security or other assets, and any other profit made through an investment vehicle of any kind. Generally, most people earn a large portion of their total net income through employment income.